Cybersecurity is vital to financial institutions: Report

Created: Thursday, 28 June 2018 06:20

Banks in UAE are deploying multi factor authentication to confirm a person’s identity with the help of a smartphone, password and a facial scan. (image source: Christoph Scholz/ Flickr)According to the 2018 report by IDG’s State of the CIO, cybersecurity is vital to the banking sector since around 36 per cent of CEOs worldwide believe it’s the top priority in their digital transformation

GCC cybersecurity’s industry experts announced that the company’s profit in 2018 is US$8bn by providing multi-factor authentication to UAE’s banking and finance security innovation.

Banks in the UAE are deploying multi-factor authentication to confirm a person’s identity with the help of a smartphone, password and a facial scan. The Emirates Blockchain Strategy 2021 could also see digital banking transactions on bitcoins, based on the secure digital ledger technology called blockchain.

Condo Protego, the UAE-based IT infrastructure and information management consultancy and solutions provider believes that cybersecurity is organisation-wide digital transformation and information management.

Andrew Calthorpe, CEO of Condo Protego said, “The UAE’s financial sector has always been at the forefront of innovation. Multi-factor authentication should include an object, a fact, and a person, and is the next step for banking and finance organisations to defend against cyber attacks and secure transactions.”

Condo Protego is experiencing a strong demand for the RSA SecurID Authentication solution, which brings together multi-factor authentication, analysis of cyber threats, and business context to identify risks and protect the business.

“Banks need to place the trust of their customers and employees front and centre. Channel partners play a key role in supporting banks with unified tools and processes to securely store, manage, and access customer data at all times, locations, and devices,” Calthorpe added.